The business wrap: Samsung could lose $17 billion because of Note7 crisis, and 6 other top stories
A report said the Indian IPO market is set to hit a six-year high, and Renault India announced the recall of 50,000 units of its entry-level hatchback Kwid.
A look at the headlines in the sector right now:
- Galaxy Note7 crisis could cost Samsung approximately $17 billion in lost revenue, reports Reuters: The electronics giant has stopped production of its premium handset and has issued a second recall of existing devices.
- Indian IPO market set to touch six-year high as 50 companies raise $2.93 billion, finds report: The Baker and McKenzie study has estimated that the total value of offerings in 2016 will hit $5.8 billion, more than double the $2.18 billion raised in 2015.
- Renault India to recall 50,000 units of Kwid over faulty fuel system: The French automaker said it will replace the hose clip in the 800 cc variants of the car, but it called the move a pre-emptive inspection.
- Stock markets shut on Tuesday and Wednesday on account of Dussera and Muharram: On Monday, the Sensex and the Nifty ended 21 points and 11 points higher as investors looked ahead to second-quarter earnings.
- IndusInd Bank meets estimates, reports net profit of Rs 704 crore for second quarter: The company's gross non-performing assets increased 4% to Rs 899 crore as compared to Rs 861 crore in the April-June period.
- No job losses in India because of merger, says Dell-EMC: The hardware and storage company said India represented a strong market opportunity for its operations.
- Indian Oil Corporation to lay country's longest pipeline from Gujarat coast to Uttar Pradesh's Gorakhpur: The channel will carry 3.75 million tonnes of liquefied petroleum gas per annum, the company said in an application to the sector regulator.